NEWARK, Del, June 25, 2024 (GLOBE NEWSWIRE) -- Revenue from the sales of textile auxiliaries market is expected to be USD 11,058.6 million in 2024. The textile auxiliary market is slated to achieve USD 18,359.4 million by 2034. Over the assessment period, the market is anticipated to record a CAGR of 5.2%.
The textile auxiliary industry is up for a consistent rise in the next decade. With the booming textile sector, industries like auxiliaries also get ample opportunities to support the broad textile sector.
Auxiliary textile manufacturers are thus coming up with high-performing products that meet the evolving requirements of the textile sector. A key focus is also being given to environmental regulations, which are shaping the efforts of textile auxiliary vendors.
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As manufacturers continuously balance between sustainability and performance, they are challenged as well as driven for innovation in the market. Further, in the evolving world of apparel, agile auxiliary producers are quickly adapting to the latest color trends and fabric types. This is helping them to match pace with the robust cycles in the fashion industry.
Going forward, key players are set to invest in the development of sustainable auxiliaries. For instance, CHT Group develops tailor-made and modern process and product solutions to boost technical textiles’ performance and functionality.
The product portfolio of the company consists of silicone-based and water-based coatings and finishing systems that facilitate new innovative functionalities. The company announced in March 2024, that it will be presenting sustainable auxiliaries at Techtextil. The event was held in Frankfurt. Such events aim to expose attendees to cutting-edge technologies in the industry.
What are the various factors bolstering the sales of textile auxiliaries?
The growing popularity and applications of technical textiles in various end-use industries are bolstering the growth of textile auxiliaries across the globe. Technical textiles give strength, resistance, as well as protection from various pollutants and environmental factors. The growing infrastructural development as well as rapid urbanization is driving demand for technical textiles that are more durable and effective as compared to conventional textile materials.
Growth in the automotive sector especially in emerging economies is also expected to drive the growth of the textiles auxiliary market in the coming years. Automotive manufacturers are focusing on using lightweight materials, such as technical textiles, to reduce the overall weight of vehicles in order to increase fuel efficiency. In regions such as Europe and North America, the use of technical textile materials is mandatory for automotive components such as airbags and seat belts. Emerging markets such as India and China, along with Japan, are expected to play an important role in driving the demand for technical textiles. This, in turn, would help in fueling the textile auxiliary market growth across the globe.
Further, growing environmental awareness and increasing usage of technical textiles in environmental protection applications such as erosion protection, waste treatment/recycling, and domestic water sewerage plants are expected to boost the consumption of textile auxiliary in the coming years. The increasing number of environmental protection projects in the near future is expected to accelerate the growth of the product market across the globe.
Key Takeaways from the Textile Auxiliary Market Report
- The textile auxiliary market is projected to continue rising at a CAGR of 5.2% from 2024 to 2034.
- Pre-treatment agents are the leading product type, which is expected to account for 27.3% share of the global market.
- Apparel is the dominant end-use segment, which is projected to accumulate 51.4% of the global market share.
- The demand predictions for textile auxiliaries are significantly high in India, expanding at a 7.7% CAGR over the next decade.
- In China, the growth is estimated to surge at a 5.8% CAGR through 2034.
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“Leading players focus on spreading their operations in emerging countries with high demand for textiles as opportunities for auxiliaries are rising in such nations,” - says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape
Industry participants are following competitive strategies to enhance their game. For this, they are developing specialized auxiliaries to meet the specific requirements for various applications, like printing, finishing, and dyeing. Players are also acquiring and merging with other players to increase their footprint and gain access to each other’s expertise.
Participants are further increasing their footprint in emerging nations like China and India to generate high revenue. For this, they are strengthening their distribution channels to improve access to potential customers. Growing sustainability concerns are estimated to guide players’ strategies in the forecast period.
Key Players
- Huntsman Corporation
- Solvay
- Tata Chemicals
- DyStar Singapore Pte Ltd.
- The Dow Chemical Company
- Akzo Nobel N.V.
- Evonik Industries AG
- Archroma Limited
- Zschimmer and Schwarz GmbH & Co KG
- Rudolph GmbH
- ChemDyes Sdn Bhd
- Oleon
- Fibro Chem LLC
Latest Developments Shaping the Textile Auxiliary Market-
- In January 2024, Erca Group completed the business spinoff. This unit’s focus is to supply the textile industry with sustainable chemistry solutions. The company is famous as a distributor of textile chemical auxiliaries that use recycled vegetable oils.
- The latest Circular Textile Days 2024 will empower companies to showcase their sustainable products on a platform with a wide global reach.
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Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides a thorough, detailed, and unbiased analysis of the global textile auxiliary market, presenting historical demand data for the years 2019 to 2023 and forecast statistics for the years 2024 to 2034.
The study provides compelling industry insights based on the product type (pre-treatment agents, dye-stuffs, finishing agents, softening agents, anti-foaming agents, odor absorbers, and corrosion inhibitors) and end-use (apparel, home and institutional, technical textiles, and digital printing) across several regions.
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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